RFID Readers Market is expected to grow at a CAGR of 12.2% from 2020 to 2028 | Rising demand of RFID tags in different end-use industries, leads to the growth of the RFID readers market

Research report published by Proficient Market Research “RFID Readers Market, By Product Type (Handheld RFID Readers and Fixed RFID Readers); By End-use Industry (Apparel & Retail, Transportation & Logistics, Industrial Manufacturing, Automotive and Others) Market Growth, Future Prospects, Post COVID-19 Scenario 2021 – 2028″, states that the global RFID readers market is expected to grow at a CAGR of 12.2% during the forecast period from 2021 to 2028.

RFID readers are used to gather information from RFID tags that are attached to various objects or products containing detailed information about the products. High sensing RFID tags and other solutions which can operate from long distance and even in the harsh environment is one of the major factor that is driving the growth of the RFID reader market. RFID manufacturing companies faced a significant downfall during covid-19 due to lockdowns and shut down of industries for large period of time and travel bans restricted the supply leading to shortage of raw material and production.

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In addition, the demand for RFID readers market has increased in medical and healthcare applications during the onset of COVID-19 pandemic for medical information storage, patient tracking, and patient data validation. Apart from this, the demand for RFID solutions is also expected to rise due to the deployment of various RFID systems in different manufacturing companies to increase the productivity and to automate the manufacturing processes.

There are different RFID readers available in the market such as handheld RFID readers and fixed RFID readers, among these, handheld RFID readers have maximum share in the market and is widely used in numerous applications. Moreover, the RFID readers provide its application in various end-use industries such as apparel & retail, transportation & logistics, industrial manufacturing and automotive, among others.

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Market Players

Some key players in the global RFID readers market are Honeywell International Inc., Impinj, Inc., Zebra Technologies Corporation, Invengo Technology Pte. Ltd., Technology Solutions (UK) Ltd., Alien Technology, LLC., GAO RFID, Inc., CipherLab Co., Ltd., Datalogic S.p.A. and Xerox Corporation.

Trends and Future Outlook:

Rising installation of RFID systems in different manufacturing businesses for improving the productivity due to COVID-19 pandemic.
Increasing need of efficient supply chain solutions for inventory management and rising demand of RFID systems in healthcare sector.
High adoption of RFID technology in different end-use industries.

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Based on product type, RFID readers market is segmented into the following:

        Handheld RFID Readers
        Fixed RFID Readers

Handheld RFID Readers segment held the overall RFID readers market in terms of valuation

In 2020, the handheld RFID readers segment led the overall RFID readers market in terms of valuation accounting for over 68% of the global market. The handheld RFID readers are used in different sectors such as warehouses, offline stores, retail sectors, transportation and other industrial segments. Moreover, pharmaceutical and healthcare industry is also using RFID technology to great extent and hence may show prominent growth in the RFID readers market during the forecast period.

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Based on end-use industry, the RFID readers market is segmented into the following:

        Apparel & Retail
        Transportation & Logistics
        Industrial Manufacturing

Apparel & Retail segment held the overall RFID readers market in terms of market value

In 2020, the apparel & retail segment led the overall RFID readers market in terms of market value. Focus on investment is being done by RFID providers to develop various cost effective RFID solutions which can provide high returns and feasible solutions for different applications. Apart from this, the rising demand from several merchandise and retail outlets for RFID tags and its readers for apparels, which ensures the effective inventory management solution.

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Asia Pacific held the largest share in the RFID readers market

In 2020, Asia Pacific held the largest share in the RFID readers market owing to rising retail and industrial sector in the region and high adoption of IT systems and RFID technology across the Asia Pacific region. Apart from this, there is a rise in manufacturing capacity across different industrial sector which also aims to increase the demand for RFID readers.

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